Bengaluru-based fintech startup Niyo has acquired direct mutual fund investment online platform Goalwise.

This acquisition of Goalwise by Niyo has been done to expand its product offering to millennials.

Niyo co-founders Vinay Bagri and Virender Bisht have picked up majority stakes in the startup, along with Niyo, in a cash-and-stock deal for an undisclosed amount.

Founded by Swapnil Bhaskar, Ankur Choudhary, and Savitri Bobde, Goalwise is a direct mutual fund investment online platform. The startup currently has over 60,000 users with Rs 850 crore AUA (Assets Under Advice).

Coming back to the acquisition deal, the founding members of Goalwise will join Niyo’s leadership team. They will also be running Niyo Wealth as an independent vertical within the startup.

Talking about this acquisition deal, Vinay Bagri (Niyo co-founder) said,

“We are delighted to welcome Goalwise and the entire team to the Niyo family. It has been our constant endeavour to offer the best financial products to our consumers, and make the banking process easy, secure, and convenient for all. We strongly believe in the importance of investing and helping our customers achieve their life goals of financial stability and independence. The acquisition of Goalwise is a significant step in that direction.”